Imago BioSciences, Inc. revealed on 19 November that it raised $80m in series C venture capital to fund the first Phase III clinical trial for its lysine-specific demethylase 1 (LSD1 or KDM1A) inhibitor bomedemstat. The company plans to initiate additional Phase III trials in two other indications, but those will have to be funded by an initial public offering, which CEO Hugh Rienhoff said Imago expects to launch in 2021.
Imago Raises $80m Series C To Take Bomedemstat Into Phase III
Company Plans IPO In 2021 To Fund Additional Pivotal Trials
The $80m financing will support a Phase III myelofibrosis study for the LSD1 inhibitor and earlier-stage programs, but additional late-stage studies will require an initial public offering, likely next year.
More from Financing
• By
Public Company Edition: Stock valuations are falling due to political, economic and regulatory uncertainty, resulting in fewer large public offerings, more alternative financings and cost cuts. Carisma, Tenaya, BioAtla, Arbutus, Nkarta, Alector and Adaptimmune announced layoffs.
• By
CEO Kris Elverum told Scrip about the start-up’s platform for editing RNA to correct genetic variants that cause harm and to reproduce healthy variants as a means of treating disease.
• By
The four-year-old firm said it plans to advance programs toward the clinic from the funding round, which comes just over a year after signing two major pharma partnerships.
• By
Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
More from Business
• By
The German firm’s chairman, Hubertus von Baumbach, is adopting a ‘wait-and-see’ approach to the threat of pharma tariffs.
• By
Trump announced a 26% reciprocal tariff on India but a country-agnostic exemption of pharmaceuticals implies that the interests of Indian firms and the US consumer are protected for now. What is Indian pharma’s business exposure and what is domestic industry saying?
• By
Industry lobbied for pharmaceuticals to be exempt from Trump’s sweeping US tariffs and the effort appears to have paid off. J&J, Lilly and Merck & Co. even got shout outs.